BP PLC (LSE:BP.) scraped past forecasts in its third quarter, notes Jefferies with a comment that it will review the scope for buybacks reflecting the underwhelming tone of the statement.
Debt gearing rose on lower cash flow and one-offs such as German wind farm payments but the comments suggested that going forward the amount handed out by the oil giant will slow.
Consensus numbers already pointed to a cut in buybacks to US$4-5 billion from US$7 billion, broker Jefferies noted.
Outlook guidance also pointed downwards with fourth upstream production expected to be lower quarter on quarter.
Jefferies is still a buyer with a 540p target but the market was unimpressed with the update with the share price down 4.4% at 381.7p at lunchtime.